Petition Of Citizens Of San Francisco For The Repeal Of The
Mortgage Tax Law (1 of 2)

Whereas, by the laws of this State, money loaned on real
estate has always been taxed as specie in the hands of the borrower, or
whatever it may be found; and the land and the improvements thereon, or other
property produced by the same money, has also been taxed, and without abatement
on account of such loan; and a tax has also been imposed upon the promises
(mortgages) given for the payment of such loans, though the money loaned and
the land upon which it was loaned had all the been fully taxed, thus virtually
taxing not only what is real and substantial--namely, land and money--but also
taxing mere promises and agreements, which are intangible and capable of
indefinite multiplication and expansion upon one piece of land and one sum of
money--one promise or mortgage being made the basis of many successive loans;
and whereas such taxation is excessive, and political, ignores the fundamental
principles of enlightened statesmanship, represses industry, trammels and
embarrasses his business operations, repels capital, increases the rate of
interest on money and is a grievance pressing with peculiar and aggravated
force upon the working people; and whereas, Senate Bill No. 597 introduced by
Mr. Kincaid, March fifteenth, to abolish this tax, is a just and equitable
measure, and should be passed, and we call on our representatives to support it
by all means in their powers; therefore,

Resolved, That we, working men of the City and County of San
Francisco, in mass meeting assembled, do most respectively petition in your
honorable body to repeal the law taxing debts secured by mortgage, as it works
oppressively upon the poor, and we feel that the action of the Assembly was
unjust, undemocratic and unfriendly to the people of the city and county, whose
votes secured the triumph of the party which has thus shown its disregard for
them, their interest and their opinions.

Resolved, That we pledge ourselves to take such action at
the next election as will convince politicians that we can judge of parties and
individuals by their acts, and that noisy and insincere professions of devotion
to the interest of working classes will not deceive them again.

Resolved further, That the thanks of this meeting are hereby
tendered to those members of the Assembly who endeavored to have justice done
on the location referred to.